Government to incentivise circular economy trailblazers

Innovative ideas around the circular economy will be rewarded under government plans to accelerate progress in this area.

The Government has announced it will invest up to £1.25m to improve the resource efficiency of UK companies in working towards a low-carbon economy.

Tied with this, the Government's Technology Strategy Board (TSB) will run a national competition and offer funding for feasibility studies into the re-design of products, components and systems to retain material within the economy over several cycles of use.

The competition aims to stimulate innovation in design to address two high-level challenges - reducing the global environmental impact of materials and dependence on key raw materials, the supply of which is potentially at risk.

The feasibility projects must be business-led and may be collaborative or led by a single company. All must involve a distinctive design contribution. Grants will not exceed £25,000.

The competition is open to all UK companies and has two rounds. The first opens on October 29 and and applications must be received by December 12.

In conjunction with the Royal Society of Arts, the TSB has already helped fund The Great Recovery Project, which officially launched in London this week.